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Doing Business in the Gulf Conference

Doing Business in the Gulf Conference

In the 1970s, there was a large outflow of human capital from Cyprus to the Gulf Cooperation Council (GCC) states, which at the time offered abundant and lucrative employment opportunities. Wages earned by Cypriots in those countries during the '70s and '80s contributed considerably to the island's "economic miracle". Today calls for a different outflow from Cyprus to the GCC states. With the Cypriot economy struggling, Cypriot companies must look East for partners and business dealings in countries that offer unparalleled opportunities for growth and high yields.Over the past decade, the GCC states have gained immense significance for global investors as a lucrative investment destination. The reforms and initiatives undertaken by GCC governments in diversifying their economies by promoting growth in non-oil sectors have created numerous investment opportunities in the region. As these opportunities start materializing into real investments the region may witness increased capital flows going forward. Historically, the region's prosperity and economic clout was primarily ascribed to its booming oil & gas sector. Hydrocarbons have formed a considerable proportion of GCC exports, earning vital dollars for these economies. According to the Economist Intelligence Unit, growth in non-hydrocarbon sectors in GCC is estimated to be significantly outpacing that in the hydrocarbon sector (5.4% versus 2.8% over 2016–20), translating into critical investment opportunities.Cypriot businessmen have a direct interest in the GCC states which have a special significance, given that economic relations between the two regions date back several decades. The global economic slowdown and its impact on the Cypriot economy has prompted many Cypriot companies to look to the GCC countries for attractive overseas business opportunities. The GCC states' investor-friendly economic environment, geographical proximity and inherent advantages in energy-intensive manufacturing hold tremendous potential for Cypriot companies. Several Cypriot firms have been doing business in the GCC countries across sectors including manufacturing, services, real estate & construction. However, there are still considerable unexplored possibilities that can generate substantial benefits for Cypriot companies.

The ConferenceThe Doing Business in the Gulf Conference aspires to present to the business world of Cyprus a holistic overview of the business environment in the Gulf region. It intends to provide:

detailed insights into the economic and financial situation of the GCC region and the countries' business opportunities,

a better understanding of the market possibilities in the GCC countries, including local risks and challenges

the way for Cypriot companies to enter the GCC business arena, and

a complete overview of the possible financing options, including their advantages and disadvantages